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| OMCs rally on better corporate results |
| BS Reporter / Mumbai Aug 06, 2009, 16:08 IST |
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HPCL ended flat at Rs 364 with trades of over 656,900 shares on the BSE. BPCL and IOC ended with a gain of 1.5% each at Rs 508 and Rs 550, repectively.
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(Updated at 1356 hrs)
Oil Marketing Companies (OMCs) have registered smart gains, owing to positive results.
Today, HPCL and BPCL have surged 4.5% to Rs 379 and Rs 522, respectively. The IOC scrip has rallied nearly 5% to Rs 568 so far on the BSE.
Hindustan Petroleum Corporation (HPCL) has zoomed 14.5% to Rs 379, after its announcement of first quarter results on June 29. HPCL registered a net profit of Rs 649 crore for the period April-June, 2009 as against a loss of Rs 888 crore for the corresponding quarter last year.
Bharat Petroleum Corporation (BPCL) has rallied 15.5% to Rs 519 post announcement of its first quarter results. BPCL reported a net profit of Rs 614.12 crore for the first quarter on July 28, as against a net loss of Rs 1,066.7 crore in the same quarter last year.
IOC has increased nearly 3% to Rs 559 from its close on June 30, on the back of eight-fold jump in first quarter results. Indian Oil Corporation, the country’s largest oil marketing company, registered a 787% jump in Q1 profit due to lower under-recoveries, and gains on account of product inventory and foreign exchange.
The BSE Oil & Gas index has surged 6.5% within a week during announcement of results.
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